Revisions to Section 14-526(a) of the City Code, Site Plan Standards.

Modifications to the development review process and procedures of Article V of the City Code.

Revisions to the City of Portland Technical and Design Standards and Guidelines.

Implementation of new development review tracking software.

This is a large and complicated undertaking and the Chamber has hired land use attorney Bill Plouffe to keep abreast of all changes and draft commentary as necessary.

Details of the proposed changes are available at the Chamber’s website: Proposed Revisions. There you can also find a link to Chris O’Neil, who is associated with the Chamber and keeps the public up-to-date with things going on in the City Council.

| Return to Homepage

The new owners formed the company Old Port Hospitality LLC to make the purchase. They also own the Opeechee Construction company located in Belmont, NH. Although the terms of the transaction were not disclosed, it is believed the final price was significantly below the listed amount of $4.75 million.

Opeechee Construction has experience in Maine, including such projects as the AAA regional headquarters in Portland, Hampton Inns in Augusta, Bath and Ellsworth, the Comfort Suites in Biddeford, the Comfort Inn & Suites and Homewood Suites in Scarborough, and the Holiday Inn Express in Freeport.

Woglom said that although there are no firm plans for the Jordan’s site, and no specific timeline, he expressed an interest in a hotel and office tower – something that was of the right size and scope for Portland. Before any work can be done the company will need to secure financing, obtain city permits and identify and sign the right tenants.

| Return to Homepage

Currently there are 1.3 million acres of reserved lands identified as state & national parks or through easements on private land, which guarantee public access for recreation.

In addition, the public has access to some of the 2 million acres owned by private conservation organizations or preserved through easements, bringing the total to 3.3 millions acres.

The 3.3 million total acres comprise nearly 17.8% of Maine’s total land., which represents and increase of 6% conserved lands in 2003.

Maine is 95 percent privately owned.

| Return to Homepage

Additionally, the median sales price of $164,000 represented a decrease of 4.8% for the same period state wide.

On a national basis, home sales in November increased 42.1% and in the Northeast, an increase of 52.7% was recorded.

| Return to Homepage

The data is derived from over 9,000 surveys returned by buyers and sellers during the period between July 2008 and June 2009. This particular list focuses on home buyers.

Home Buying Statistics:

- 47% of all buyers were first time buyers.

- The median age of all buyers was 39.

- 83% of all first time buyers are under the age 44.

- 62% of all buyers are under age 44.

- 63% of all buyers had no children under the age of 18 residing at home.

- Buyers in the Northeast moved an average of 10 miles from where they currently lived.

- 90% of all buyers used the internet to search.

- 84% of buyers reported the photos to be the most useful information.

- The #1 action taken after viewing a home online was to drive by.

- 36% found the home they purchased online.

- Less than 3% found the home they purchased in a print ad.

- 77% of buyers purchased their home with an agent.

- 85% of sellers sold their home with an agent.

- 39% of the mortgages were FHA loans.

- 87% of buyers viewed real estate as a good investment.

The number of home buyers starting their search on line is now at a staggering 90%. The figure for 2008 was 90%, and it was only a few years ago that it was below 50%.

| Return to Homepage

Filings were down 1% in August, 4% in September, 3% in October and 8% in November. Total filings were 306,627 in November according to RealtyTrac, an online marketer of foreclosed properties.

Although this news is encouraging, November’s results are still 18% higher than those reported in November 2008.

| Return to Homepage

In an announcement by First District Congresswoman Chellie Pingree, rebates of up to $75 will be available when qualifying appliances such as air conditioners, dehumidifiers, refrigerators, freezers, etc are purchased.

Old appliances do not need to be traded in. Consumers simply need to complete and mail in rebate forms with a receipt.

The program was initiated in October by Efficiency Maine and will now be extended through the summer of 2010 with funds from the national Recovery Act.

| Return to Homepage

According to Greg Cross, an attorney representing the largest block of secured General Growth creditors, lenders extended the length of their loans in exchange for full repayment, plus interest and bankruptcy costs.

General Growth Properties is the nation’s second largest mall operator in the country. During the last several years the company expanded aggressively and took on debt totaling $27 million. As cash became scare and short-term loans became due, the company was unable to finance its obligations and in April filed for bankruptcy.

The national vacancy rate for retail space, for example, is over 10 percent, up from about 8 percent last year, according to Reis Inc., a real estate data tracker.
At the same time, landlords have had to cut deals to keep struggling tenants, driving rents down almost 2 percent to $19.22 per square foot.

| Return to Homepage

Its current owner, the Procaccianti Group of Cranston, RI had planned to build a Westin Hotel and 97 luxury condos on the site, but scrapped that idea when the market took a downturn shortly after they had purchased the property. They had also considered other alternatives, but apparently none made financial sense.

Condo prices between $500,000 and $1,000,000 were envisioned, but it became apparent that Portland’s market for these types of high-end units was (and is) rather limited.

At this time who the buyer is and what the potential use for the property will be is undisclosed.

| Return to Homepage

Details:

The $8,000 first-time homebuyer tax credit, which was slated to expire Nov. 30, 2009, will be extended for contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline.

The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level.

Buyers who already own a home are also now eligible for a tax credit and the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years.

The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. The legislation will take effect November 7, 2009 and is not retroactive.

A comparison of side-by-side comparison of the new credit is available at Tax Credit Extension.pdf

Nationally, the original first-time homebuyer tax credit jump-started the housing market, driving home sales to the highest level in more than two yeas. The National Association REALTORS® reported sales jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2% higher than the 5.10 million-unit pace in September 2008.

| Return to Homepage